Newmark Completes Sale of 300,887-Square-Foot Office Building and Developable Land Parcel in Richardson’s Innovation Quarter

January 30, 2024 9:00 AM

Photo credit to: Chrystal LeGrand with LeGrand Photography

Newmark announces the sale of Collins Crossings, a 300,887-square-foot office building located along North Central Expressway in Richarson, Texas. The asset sold for an undisclosed amount.

Newmark Vice Chairmen Gary Carr, Robert Hill and Chris Murphy represented the seller, Franklin Street Properties, in the sale to the buyers, Goldenrod Companies and Reserve Capital Partners.

Collins Crossing is an 11-story, Class A office tower in the heart of Richardson’s Innovation Quarter, a premier hub for tech innovation and entrepreneurship. The property was 85% leased at the time of sale to credit-worthy tenants in resilient, high-growth industries including healthcare, semiconductors and software.

“Our team is proud to have advised our client in the disposition of one of Richardson’s top-performing office assets,” said Hill. “The Collins Crossing sale marks Newmark’s third office transaction in Richardson over the past four months[1].”

Spanning 300,887 square feet, the building features highly efficient floor plates, modern finishes throughout, a full suite of first-class amenities including an on-site deli, tenant conference center and a fully equipped fitness center, as well as abundant structured parking. In addition to the office building and parking structure, the offering included an adjacent 3.6-acre land parcel on which ownership plans to build a mixed-use development.

Carr expressed enthusiasm, stating, “We are pleased to witness the ongoing confidence and investment in the future growth prospects of Richardson’s Innovation Quarter.”

Dallas-Fort Worth office-using employment continues to remain at a historical high as of the end of November 2023. The metroplex reported 1.31 million office workers, an increase of 69.2% compared to 2010 and an increase of 22.7% compared to 2019 employment levels[2], according to Newmark Research. The continued strength and growth in the market’s office employment reflect an enduring appetite for office assets. The Dallas-Fort Worth office market’s long-term outlook remains positive and competitive given the market’s strong economic fundamentals, such as a diversified labor pool and continued office-using jobs growth.

[1] According to Real Capital Analytics
[2] Non-seasonally adjusted data

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.